Click on the links below to jump to each section in this article: A Strategy to Raise Your Medical Expense Deduction Handling Large Cash Transactions Erroneous Refund A Strategy to Raise Your Medical Expense Deduction With a little planning, you may be able to boost your itemized medical expense deduction when you file your 2024 tax return next year. Only eligible expenses exceeding 7.5% of your adjusted gross income are deductible. It’s not an easy hurdle to clear, short of a major medical disaster, which, of course, you want to avoid. But you can use a strategy called “bunching” medical expenses to exceed the 7.5% threshold. Say, for example, that you’ve already scheduled surgery that will involve out-of-pocket expenses but you still fall short of the deductible threshold. Think...
Tax Tips for March 2024
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